Millennials are the most highly-educated and digital-native generation in Australian history, with rising expectations and spending habits a driving force behind the reshaping of Australia’s business landscape.

Millennials are tech-savvy and constantly connected, allowing anyone to become a micro influencer. The cultural influence of millennials is so strong that the word no longer just describes a generation, but is a far-reaching mindset that seeps into modern spending habits and behaviour patterns across multiple generations.

Australian retail payments innovator Afterpay has filled a gap in the market by redefining layby for millennials. They did this by offering the same benefits of a layby service with a take-home option that spreads out payments over time, being budget friendly.

Co-founder and head of Afterpay Nick Molnar recognises that millennials are driven by capturing fast-paced trends and creating memories.

Afterpay gives customers time - not finance - so the customer can pay with their own money, without encountering prohibitive agreements, fees and contracts experienced with finance, which isn't available on lower-cost items like clothes.

A recent survey conducted by Afterpay found that 75 per cent on their customers are millennials, who stick to a budget, spend hours researching purchases, and are more inclined to spend their own money than use a credit card. Most transactions using the service are via debit card.

Contrary to popular belief, millennials are willing to save large amounts for major expenses and purchases and don’t just spend their money on frivolous purchases.

Research reveals that millennials would rather be well rounded than financially wealthy. They are motivated by new experiences, and are willing to save to make these a reality. Housing affordability is a key issue and they are looking for saving solutions so they can create wealth while also creating new experiences.